Homeowner insurance claims.

Homeowner insurance claims.

Having just given a talk to wnyrei.com for real estate investors, the homeowner or property claim question came up. I did mention that unlike auto insurance, homeowner claims do not get sur-charged or cause your rates to go up. Either a home insurance company keeps you as an insured or can chose to non-renew a home insurance policy.

Homeowner Insurance

Homeowner

Also, any homeowner insurance company cannot drop you mid-term but would have to send you proper notice that you would be non-renewed. This can happen when there are a series of claims being put in or 1 large liability loss (dog bites are a big one here) that the dollar amount lost could never be recovered in premiums.

Homeowner insurance claims.

Consumers (lots of renters) also don’t understand the impact stolen items from a car, coffee house or airport are covered under homeowner insurance. Especially when a care is broken into, they think “car insurance”, when it is a property claim that would be covered by a homeowner insurance policy or renters insurance policy.

The other piece of information I shared at my talk, was that things stored in your garage are not necessarily part of a homeowner claim. Motorcycles, boats, campers, R.V.’s, restoring an old car….all land or water conveyance vehicle types need their own insurance policy. We had a client whose garage collapsed after a heavy snowfall and his camper was inside the garage. We had to explain that this wasn’t covered by homeowners and we didn’t even know he owned this item.

Homeowners in high valued homes

High Valued Home

We always are trying to educate our clients, as the more they know, the better they can address items prior to having a claim. We always, always want to say, “Don’t worry, that is covered” and not “sorry, that homeowner claim is not covered.”

Homeowner insurance claims.

Wanting our clients fully protected on every claim.

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